Chitra Devi Sundram

As the CEO of the Malaysian Association of Money Services Business (MAMSB), Ms Chitra Devi Sundram is passionate about uplifting the MSB operators towards a higher platform of professionalism, creating a dynamic and sustainable trajectory for the industry whilst promoting better financial inclusion for the large volume of migrant workers in Malaysia.

Ms Chitra oversees all aspects of the Association, from the operations of the Secretariat under the direction of the Council to driving 5 key committees and taskforces to implement tasks and initiatives under the 5-year MAMSB Strategic Blueprint in alignment with the vision of the Central Bank of Malaysia (BNM). The key vision and mission of MAMSB is steered under her keen leadership which is premised on strong ethos of integrity, ethics and fair treatment amongst all classes of licensees for a robust MSB environment.

Ms Chitra joined as CEO during the most challenging times of the Covid-19 pandemic, hence requiring her to ensure business sustainability of the licensees especially the currency exchange providers. She pushed hard for industry led issues like adoption of new business models including the multi-principal agent business model which negates the concept of exclusivity for BNM’s onward approval and consolidation through M&As. Her priority has always been members’ care. She ensured members were availed with waivers and exemptions from the regulators as well as mall operators/landlords to mitigate members financial constraints. One of the biggest milestones achieved was mobilising virtual compliance programmes for the first time to ensure MSB compliance officers could continue to meet regulatory requirements and industry needs. She continues her efforts to provide significant capacity building programmes that can catapult MSB providers towards digitalisation or digital inclusion.

Ms Chitra brings with her 7 years of practise as an advocate and solicitor at the Malaysian Bar after obtaining her bachelor’s degree in law from the University of London. She acquired vast experience from her career overseas as a legal advisor until she returned to join a Malaysian public listed company and became the Head of Legal. In 2017 she was invited to join a think-tank established by Central Bank and Securities Commission of Malaysia to oversee development of standards and codes for the banking industry. It was at this time she published a case study on the largest domestic MSB provider. Her research and 1 year stint in this provider’s legal department was catalytic in giving her deeper insights to the MSB business and industry.

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